Farmers Insurance unveils new cyber liability and data security program
Jan 23, 2013 (Datamonitor via COMTEX) --
Farmers Insurance Group of Companies, an insurer of automobiles, homes and small businesses, has unveiled a new cyber liability and data security program to protect main street businesses in Idaho, Kansas, New Mexico, Ohio, Oklahoma, Tennessee, and Wyoming.
According to the company, the coverage was provided automatically for all Business Owner Policy (BOP) industries with a modified premium less than $50,000. The coverage is provided immediately for all new Business Owner Policies, with an effective date of January 2013.
The coverage will be automatically provided for all renewal Business Owner Policies with an effective date of March 1, 2013. New and renewal customers will receive a letter giving them the option to not accept the coverage if they choose.
Farmers Cyber Liability and Data Breach Expense coverage offers: a $50,000 aggregate annual limit; a $2,500 self-insured retention; a third party liability coverage; a privacy breach response services including customer notification and forensic and legal assistance; an extended reporting period available; and free data security risk management services through FarmersCyber.com.
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